SteelMint learned from industry participants that Turkey based steel mills have observed another jump in scrap prices by USD 10-12/MT on higher transactions. The prices of finished long steel and billets have also been increased in the global markets as customers started accepting higher prices. Expectation grows further with rising Iron ore prices on supply disruption after Vale’s tragedy.
In the recent trade reported, a leading recycler in the UK sold a cargo comprising premium scrap of 12,000 MT Shredded at USD 328/MT and 6,000 MT of Busheling at USD 359/MT, CFR Turkey for the shipment scheduled latest by 8th of March.
A steel mill in Marmara region booked a Baltic cargo comprising 25,500 MT of HMS 1&2 (80:20) at USD 321.5/MT and 7,500 MT of Bonus at USD 331.5/MT, CFR Turkey. This trade is scheduled for the March month shipment.
According to SteelMint’s price assessment, US origin HMS (80:20) scrap surged to USD 325-327/MT, CFR Turkey as against USD 315/MT, CFR in the closing of the last week. While HMS 1&2 (80:20) of Europe origin climbs at around USD 318-320/MT, CFR. A premium for US material over Northern European scrap stands at around USD 7-8/MT.
Rebar prices jump in recent deals – Turkish steel mills raised rebar offers in both the domestic and exports market recently. Ongoing Lunar year holidays keep Chinese supply limited which has resulted in purchases at above the equivalent of USD 500/MT, ex-works excluding taxes in the domestic market. Steel mills are targeting melting margin of scrap to rebar at around USD 160-170/MT.
Latest rebar export offers stand at USD 465-470/MT, FoB Turkey which has jumped by USD 20-30/MT and 6-7% as against the last report.
Moreover, CIS rebar export offers climb to USD 455-460/MT, FoB levels on Black Sea port basis today up USD 10/MT against the last week.
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